Take a look at the next-gen capabilities of Crytek's CRYENGINE.
CryEngine - Showcase Trailer
Crytek have released a trailer to showcase their CryEngine technology.
CryENGINE 3 Crysis 3 Tech Trailer
Crytek have released an impressive tech trailer for Crysis 3 running on the CryENGINE 3.
Crytek have announced the launch of a free CryENGINE SDK in August 2011. (Thanks for posting, Krallis)